Keywords
Financial Inclusion
SMEs
Mobile Banking
Digital Payments
Abstract
This study examined the effect of Financial Technology (FinTech) on financial inclusion and Small and Medium Enterprises (SME) growth in Nigeria. The study specifically investigated the effect of mobile banking on SMEs growth, examined the relationship between digital payment systems and financial inclusion, and evaluated the effect of FinTech accessibility on business performance. Primary data were collected through structured questionnaires administered to 250 SME operators in Ibadan, Oyo State. The study adopted a survey research design and analyzed data using multiple regression analysis through SPSS. Findings revealed that mobile banking significantly improved SMEs growth with a coefficient value of 0.614 (p<0.05), digital payment systems positively influenced financial inclusion with a coefficient value of 0.572 (p<0.05), while FinTech accessibility significantly enhanced business performance with a coefficient value of 0.488 (p<0.05). The study concluded that FinTech has significantly transformed financial transactions, increased access to financial services, and improved SMEs productivity in Nigeria. The study recommended that government and financial institutions should improve digital infrastructure, increase financial literacy, and strengthen cyber security frameworks to encourage wider FinTech adoption.
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